Terry Matthews: Entrepreneur extraordinaire

He's richer than Prince Charles and has founded more companies than Richard Branson, yet chances are you'll have never heard of him. Sally Watson meets up with networking legend and Welsh golfing guru, Terry Matthews.

Meeting Terry Matthews is a strange experience. Perhaps it's the knowledge that you're sitting in a room with Wales' first - and only - billionaire. Perhaps it's the energy and almost inexhaustible stream of anecdotes that are thrown at you.

Or perhaps it's the fact that I haven't previously met anyone who can get quite so passionate about networking.

Sorry, that should read networking and golf.

In fact outside of the world of IT, Terry Matthews is best known for his 20-year campaign to bring golf's Ryder Cup to his home country. It's an ambition he finally achieved last month, stealing the 2010 US v Europe competition from right under the nose of his Scottish rivals.

"It's a good win," says 58 year-old Matthews with uncharacteristic humility. "I've been working on it for 20 years, understanding how it works, how the Ryder Cup board works. It's all about persistence."

Persistence is a watchword for the rambunctious entrepreneur, one that crops up time and time again in his business tales.

And it's a philosophy that has carried him far, from mending clocks on the streets of Newbridge in Wales, to founding two of the world's most successful networking firms.

Not to mention racking up a personal fortune of some £1.7bn along the way.

Matthews left for Canada on what he describes as a "long, long holiday" in 1969. When he and his business partner Michael Cowpland borrowed $4,000 to found Advanced Networking Devices three years later there was no blueprint to follow. The company - renamed Mitel after six months - was one of the very first high-tech start-ups in Canada.

Mitel doubled its revenues every year for the first 11 years until in 1985 Matthews sold a 51 per cent controlling share to BT. With the millions he received, a year later he created Newbridge Networks.

Finally last year, after his hugely successful networking firm fell on hard times, Matthews reluctantly watched Newbridge sold off to Alcatel, a deal which carried the not inconsiderable consolation of making him the largest single shareholder in the French telecoms equipment maker.

His single-minded outlook has made him undeniably successful. And despite his obsessive work ethic, Matthews' enthusiasm for the task at hand has made him popular with his employees.

"I don't think I'm stubborn," he said. "I just focus on the task at hand and do what it takes. Persistence is the single most important thing for success."

In fact when Matthews announced last year that 15 years after selling it to BT, he would buy back the struggling systems business of Mitel, staff reportedly rejoiced.

"It wasn't clear to anyone when I signed that agreement what was on my mind but I knew in my gut that there would be a technology change in enterprise communications."

And it's that change, a move to convergence - or broadband IP - that has now become the entrepreneur's obsession. Through his company March Networks - which develops business applications for broadband - Matthews is beginning a one-man assault on the stalled market.

"Last year it didn't look a particularly good thing to do but in my gut I was absolutely convinced that convergence would happen this year. Now I know I'm right.

"The opportunity for me now is to use all those pipes and develop broadband solutions where you can use video, voice and data to help businesses. It's about utilising the technology and delivering tangible business benefits."

Matthews' gut feeling may have something to do with the fact that he has watched many of his competitors leave the field in the last 12 months.

A canny player, he is not prepared to fight battles he doesn't believe he can win, and a crowded market is the biggest turn-off.

"Lots of companies are cutting back because the so-called bubble burst, allowing me to hire some of the best talent on the planet," he says scornfully. "While they were cutting back I bought Mitel and increased R&D spend by 50 per cent."

Whether that confidence will pay off has yet to be seen. Soon after this interview took place, the Mitel deal collapsed due to "legal reasons" during the very final stages of the buyout and Matthews was forced to lay off 15 per cent of his staff at March Networks.

But whatever the problems facing him, you can bet that this Welshman isn't accepting defeat yet.

"I've taken a business that was last year worth maybe $700m," he says of March Networks. "And off the top of my head within the next five years I can double the revenues, and by taking the company global I can increase that yet again.

"It may not be obvious to everybody, but it's obvious to me."

It would take a foolish man to bet against him.